Problem - Like New Express had 400 multi-function centers machines in stock at the end of the year. Inventory records for the year are as follows:
|
DATE
|
|
QUANTITY
|
COST
|
TOTAL
|
|
January 1
|
Beginning Inventory
|
50
|
$142
|
$ 7,100
|
|
August 5
|
Purchase
|
100
|
269
|
26,900
|
|
October 19
|
Purchase
|
100
|
233
|
23,300
|
|
November 23
|
Purchase
|
300
|
189
|
56,700
|
|
December 16
|
Purchase
|
200
|
157
|
31,400
|
|
Total available for sale
|
|
750
|
|
$145,400
|
Using the average cost method of inventory pricing calculate the dollar value of the ending inventory.